Tertiary Institutions Employment Scheme

Tertiary Institutions Employment Scheme

10/25/2021 6:41:00 AM

Tertiary Institutions Employment Scheme

Presently, in Nigeria, the issue of unemployment among the youth group of the population has remained a nagging issue. It must be emphasised that it is a

At a stage of the policy moonlighting, a whole bank, the Peoples Bank of Nigeria, was set up to address the financial requirements of potential small-scale entrepreneurs. Typical of things Nigerian, abuse set in and the bank itself was liquidated in no time. And, unsurprisingly, the problem has persisted, in spite of those efforts, leaving in its trail, an army of unemployed youths on the verge of getting frustrated.

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But there is a fresh approach to making those youths entrepreneurs instead of job seekers. The Tertiary Institutions Entrepreneurship Scheme (TIES), an initiative of the Central Bank of Nigeria (CBN) is part of policy measures to address rising youth unemployment and underemployment. The policy is designed to get the buy-in of Nigerian polytechnics and universities and in the process, harness the potentials of graduate entrepreneurs (gradpreneurs) in Nigeria. Hopefully, it will create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.

From the standpoint of this newspaper, the scheme, if well implemented, and shorn of all the inanities usually associated with the perception Nigerians have of money from government agency sources as political largesse, the policy aims to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development. headtopics.com

Expert opinion claims that the problem of start-ups in Nigeria is finance. This newspaper disagrees. What a start-up needs, in our opinion, is an idea that is actionable, the determination to succeed, the perseverance required to confront the initial challenges and overcome them. Otherwise, giving money to anyone who is not ready to strive will only end in flushing valuable resources down the drain. It has happened severally in the past. But this policy by the apex bank is geared towards enhancing access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.

It is noteworthy that the involvement of the tertiary institutions is aimed at providing an enabling environment, incubator of sorts, for co-creation, mentorship and development of entrepreneurial and technological innovations; fast track ideation, creation and acceleration of a culture of innovation- driven entrepreneurship skills among graduates of polytechnics and universities; promote gender balance in entrepreneurship development through capacity development and improved access to finance; leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners; and boost contribution of non-oil sector to the nation’s Gross Domestic Product (GDP).

A perusal of the policy document by this newspaper brings out the optimistic proclivity of the scheme which only requires for success, a committed regulatory framework, a purposeful participation by the tertiary institutions and a youth group ready to say good bye to unemployment. From our assessment, the scheme hopes to create those it calls gradpreneurs, 25,000 annually, with innovative start-up ideas and businesses and who will be provided access to finance. These will generate 75,000 sustainable jobs. The appealing aspect of the scheme is the focus on the female gender who will form 50 per cent of those gradpreneurs. There will also be others such as agropreneurs, creative entrepreneurs and techpreneurs.

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